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Old 26th June 2010, 18:49   #1
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Default SBI Car Loan - My Experience

Team,
I would like to bring out my experience with SBI Car loan.

1. Even before I decided on the car went to SBI Bank where I have my account and enquired about the rates and the documents required.
I was clear that need only 5 L and that should be done in 3 Yrs. Got the list of document required and the EMI for 3 yrs (15,668 for 1st year (8%), 15,986 for the rest 2 years (10%))

2. With partly firm, booked Dzire VDi and handed over the required document to the dealer. They tried to convince to go with other bank, stating that SBI will take longer to process and need to go a long way to sign the document (LIC building, Mount road). But I insist to go with SBI on any case and ready to wait for the process.
But the loan got sanctioned in 2 weeks and got a call from SBI to come over to sign the papers.

3. In the mean while, after couple of test drives, planned to move to i20 CRDi Sport, so cancelled Dzire. I want to take over the same loan to i20. So quoted the reference number to Hyundai showroom and the sales rep he will follow it up.

4. Loan went for re-process and yesterday I paid for rest of the amount at the dealer and got the receipt for the same. Booked appointment with SBI at 11:00 AM and reached there on time.
Waited for 30 mins, by 12:30 got the cheque in the name of dealer and couple of additional papers to be submitted at dealer.

Overall it was a satisfactory experience , no hassles. By the time I write this, I have the cheque for loan amount with me. I guess I am done with the loan.

Paid - Rs 20 on stamp papers.
Processing fee of 2,500 and reprocess fee of 1,250

The AGM whom I was in contact with, was professional and answered all my silly questions promptly

Note: I hurried up assuming that 8 and 10 % deals will end by June 30th.

Last edited by classicselva : 26th June 2010 at 18:51.
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Old 26th June 2010, 19:22   #2
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Congrats Selva on the i20 CRDi! Since you have already owned an accent CRDi, I am sure you would have got exchange bonus/loyality bonus. Please do provide a write on your dealership experience along with the OTR that you paid (if possible the breakup of the costs + freebies).

I am sure this would provide fruiteful for people getting a i20 Sportz CRDi
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Old 27th June 2010, 12:27   #3
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thanks for sharing this experience, 2 weeks though was a long time considering the ads given by SBI on the time they would take to clear it.

Private banks are quite faster, mine was all done in less than 2 days, thanks to my friend who was incharge at citifinancial for car loans.
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Old 28th June 2010, 12:08   #4
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Quote:
Originally Posted by MutantX View Post
Congrats Selva on the i20 CRDi! Since you have already owned an accent CRDi, I am sure you would have got exchange bonus/loyality bonus. Please do provide a write on your dealership experience along with the OTR that you paid (if possible the breakup of the costs + freebies).

I am sure this would provide fruiteful for people getting a i20 Sportz CRDi
Thanks MutantX.
Option of exchanging the car was ruled out, as they offered very less.
Got freebies like seat cover and reverse parking sensor that is worth mentionable. Rest like mud flap and floor mat.

Will post my initial ownership report soon with more details.
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Old 16th July 2010, 21:31   #5
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Though time consuming SBI is dealing honestly with the loan and there are not any hidden costs. Let us be patient for some days and go with a good bank.
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Old 2nd November 2010, 00:09   #6
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I also am in the same situation.
I had booked Swift VXI ABS (OTR 5.2). Went to a SBI branch near my place and applied for a loan. I was thinking of going for 3.8 L loan and rest down-payment. In a matter of 10 days the loan was processed and I got a sms for the same asking for completing the rest of the details with down-payment receipt. To my surprise I found the loan has been approved for 4.43 L (85% of OTR value). Went to the branch and told them the issue. They told me that it wouldnt be a problem and the value can be changed there at the SBI main office.
In the meantime, as Maruti was not able to provide me any details about the car till the promised deadline I hadnt made the down-payment. I went ahead and booked figo TDCI Titanium as one car was readily available. Figo was in my list earlier.
Today went to the dealership and did a PDI for the car. After finding everything ok with the vehicle, went ahead and did the cancellation of Swift from the dealer and went to the SBI main office. That where the problem started.
I asked the SBI documentation officer that I would like to go for that much amount of loan and would like to reduce it. His behavious was as if I dont deserve to be allowed to take the loan. He asked me to reapply for the loan to reduce the loan amount. Then I thought as it would take more time to go for reapplying it again, I asked him to do the processing for Figo. The file was then sent to the processing officer. He came over and started asking me why I wanted to change the car. I said Swift has a long waiting period and I would like to go for Figo. He started saying that Swift is a better car as it has a long waiting period. What kind of a logic was that ? The reason is that probably he doesnt want to do any more paperwork for my file. He even indirectly told me that my processing might get delayed by a month for processing.
Now I am stuck as I dont know my loan will get processed and when I would be getting my car.
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Old 2nd November 2010, 09:13   #7
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Quote:
Originally Posted by sap.mukh View Post
Now I am stuck as I dont know my loan will get processed and when I would be getting my car.
Now who's this SBI Documentation Officer?

Which branch are you dealing with? Whichever branch it is, just walk up to the Branch Manager's cabin, put your case forward (Read as, 'don't fight') and he should be able to solve it.
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Old 2nd November 2010, 11:16   #8
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Actually its not a branch, its the main SBI office called Jeevan Sudha in Kolkata. They are just typical govt. employees who probably are not much interested in the customer but are more concerned that they need not do the work once again.
Documentation Officer is Sambit Kanti Dey and Processing officer Subroto Ghosh.
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Old 2nd November 2010, 18:38   #9
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Quote:
Originally Posted by sap.mukh View Post
Actually its not a branch, its the main SBI office called Jeevan Sudha in Kolkata. They are just typical govt. employees who probably are not much interested in the customer but are more concerned that they need not do the work once again.
Documentation Officer is Sambit Kanti Dey and Processing officer Subroto Ghosh.
I thought it was in Chennai! SBI Chennai is pretty proactive! Good luck man.
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Old 2nd November 2010, 18:59   #10
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@sap.mukh..

Why don't you vote with your wallet and take your business to some other company that would provide better service?

Is the difference in cost substantial?
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Old 8th November 2010, 22:46   #11
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got the loan documents today. gave it to the dealer for registration.
guess the SBI guy was just trying to push off the extra work but glad they did it without taking much time.
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Old 12th November 2010, 00:30   #12
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I just took a loan for my car from SBI. The whole process from application to disbursement took a week. The car loan team at the centralised set up in bangalore was quite professional and I faced absolutely no hassles.The icing was the 8% for the 1st year, 9% for the 2nd year and 11% thereafter, with 0.5% processing fee. Compared to comparative quotes from Kotak and HDFC, which were well above 12 % with upto 2% by way of fees, SBi is very competitive. The only difference is you need to follow up more with SBI , but the rate difference makes it worth it
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Old 9th February 2011, 21:41   #13
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Default Re: SBI Car Loan - My Experience

Hey guys, Had a couple of questions.

I am planning to pick up a Ford Figo by taking a car loan from SBI. The interest rate is 9% for 1st yr and 10% for 2&3 years followed by floating interest for years 4 &5.

I wanted to understand the following:

* How and when can i Make a bulk payments to the Loan amount. For ex, if I want to pay 2 lacs off the loan amount of 5lacs, will that attract a rate/charge?

* are there any Pre-closure charges for SBI car loans?
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Old 10th February 2011, 11:52   #14
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Default Re: SBI Car Loan - My Experience

Hi,

My experience with SBI is going to top all - they took 1 hour, yes 1 hour to process my loan :-)

I wanted to buy the car in my wife's name due to tax reasons and applied to HDFC-Delhi. Given them all required documents, 2 references and what not. But they didn't process the loan even after 3 weeks, I got fed up and canceled the processing.

Then I decided to buy the car in my mom's name (who is a government employee); and decided to apply for loan in my home town. I had heard a lot about public bank's working style and was prepared for a month long wait.

But what happened took me by surprise. I went to my home town last Saturday. I reached there at 10:30 and took mom to SBI's main branch. We reached there at 11:30, met the loan office. He told us what documents he needs - he suggested that mom applies for the loan and I become the guarantor. I had all my documents, but we needed to collect mom's documents.

Mom lives alone in home town, so I thought that let's collect all her document that day itself and got them verified by the loan officer. So we collected the documents and returned to bank. It was already 1:30 (bank closes on 1:00 PM on Saturdays). But that guy was present, he checked all the documents and said if you have all the documents, let's do it today only.

He sent me to bring 2*100 INR stamp papers. By the time I returned, he had completed all the paperwork with mom, took my signature on guarantor forms and asked me to deposit the money (1.6L) so that he can give me the DD. I told him that it's a Saturday and I will be able to deposit the money only on Monday.

Now on Sunday, I returned to Ghaziabad and got a good deal on 2010 manufactured Manza from a different dealer. So got a quotation from him. And send my brother with margin money and that quotation to home town. He went there, told the gentleman that we are buying from a different dealer, gave him the new quotation, deposited the money, and got the DD in 15 mins.

He returned to Ghaziabad, gave the DD to dealer on Monday itself, and I will get the car today :-)

All-in-all a tremendously unbelievable experience :-)

Cheers

Nitin
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Old 10th February 2011, 14:22   #15
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Default Re: SBI Car Loan - My Experience

When I took a personal loan from SBI long time back, they were very reluctant to accept my suggesed 'total pay back period'. They fixed the pay-back period as 4 years and a low EMI, though I was eligible for a higher EMI and lesser pay-back period. May be a common practice with banks?

Another thing I noticed is that when you pay more than what is needed for a particular month, you expect the principal to reduce, but they accomodate the surplus as advance payment of (future) interest. You need to specifically write to the bank (and fight for it too) to use the surplus amount for reducing the principal amount.

Last edited by jinojohnt : 10th February 2011 at 14:23.
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